A Big Demand for Smaller Houses
TV shows, movies, and celebrities often have us dreaming of owning large homes, but the reality for most people is the opposite.
Since 2015, the square footage of newly built houses has been decreasing, according to Yahoo Finances. This aspect is not projected to change as we forge ahead into the beginning of the year.
“We expect this downsizing trend to continue in 2020, driven by a confluence of economic and demographic trends.”
Why are smaller homes trending now?
As noted in the article, there are particular reasons for this demand:
“Many of today's younger, millennial home buyers have expressed a preference for denser, more urban homes that are more walkable to shared amenities.”
“Today's older homeowners are expressing a desire for smaller, less maintenance-heavy and more accessible (read: less stairs) homes as they age and move into newer homes.”
With these two demographic groups sweeping through the market, the appeal for this type of home is rising. If you are a homeowner with a smaller-scale home, then now may be a great time and opportunity to sell. The demand for this part of the market is definitely increasing.
The demand for smaller homes will continue to rise throughout 2020. Get together with a Licensed Real Estate Agent to discuss what the housing supply looks like in your neighborhood. It might be the perfect time for you to take advantage of this trend!